Finance Minister Arun Jaitley says GDP to rise 6-6.5 per cent in FY16

Finance Minister Arun Jaitley, committing to push growth rate to 6-6.5 per cent in the 2015-16 financial year, on Friday said the government was working overtime to push reforms, especially, in sectors like insurance, coal and the Goods and Services Tax (GST).

"We are working overtime on reforms... Insurance Bill will be taken up next week," Jaitley said while speaking at a programme organised by India Today Group-owned television channel Aaj Tak.

The finance minister further said that he sat late on Thursday evening with State FMs to sort out the issues hampering the roll-out of the long-pending GST.

"I will try to introduce the Constitution Amendment Bill for GST in the current session of Parliament so that it could be discussed and considered in the next session," Jaitley said, adding the Bill to clear mess in the coal during UPA regime was being taken up by Parliament.

The government, he said, was hopeful of achieving an economic growth rate of 6-6.5 per cent in FY16 and over 7 per cent thereafter.

Refuting the criticism that government had not taken any big-ticket reform measures in the last six months, Jaitley said, they are not about sensationalising things the big picture should be considered.

The minister added that Prime Minister Narendra Modi announced the important decision of abolishing the Planning Commission, an institution which became irrelevant after the introduction of the economic reforms in 1991.

Jaitley further said the government deregulated diesel and would take more steps to streamline public expenditure and rationalise subsidies after receiving the report of the Expenditure Commission.